Argentina Economic Outlook
May 15, 2018After days of financial volatility reminiscent of previous economic crises, the government announced on 8 May it was seeking IMF assistance to shore up the economy. Financial turbulence and growing concerns over Argentina’s capacity to service its large foreign-debt commitments caused the peso to lose over 11% of its value in a single day on 3 May, prompting the Central Bank to forcefully intervene. On 4 May, the government announced steep cuts in public spending and set a more ambitious fiscal deficit reduction target for 2018 to appease markets and restore confidence. The policies implemented will inevitably weigh on the recovery of the real sector, which continued to grow at a strong pace in Q1. It also represents a huge setback for President Mauricio Macri’s economic policy of gradualism, as well as his re-election bid in next year’s election.
Argentina Economic GrowthRecent developments have generated uncertainty on the country’s economic outlook, and many of our panelists are still assessing the impact they will have. Nevertheless, panelists participating in the LatinFocus Consensus Forecast expect economic prospects to deteriorate and foresee the economy expanding 2.3% in 2018, which is down 0.3 percentage points from last month’s forecast. For 2019, growth is expected to reach 3.0%.
Argentina Economy Data
5 years of Argentina economic forecasts for more than 30 economic indicators.
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|Bond Yield||6.69||0.15 %||Dec 17|
|Exchange Rate||24.27||0.45 %||May 16|
|Stock Market||31,661||2.26 %||May 16|
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Argentina Economic News
May 15, 2018
According to the National Statistics Institute (INDEC), national consumer prices rose 2.7% over the previous month in April, coming in above March’s 2.3% month-on-month increase.
May 14, 2018
On 4 May, the Central Bank of Argentina (Banco Central de la República Argentina, BCRA) increased the 7-day repo reference rate by 675 basis points to an all-time high of 11.00%.
May 11, 2018
On 8 May, President Mauricio Macri announced he would seek IMF assistance to shore up the economy and avert a crisis.
May 9, 2018
The Argentine peso (ARS), which has come under severe pressure since the end of April, depreciated to a multi-year low of 22.27 ARS per USD on 3 May.
May 2, 2018
In March, industrial production expanded 1.2% over the same month last year, according to data released by the National Statistical Institute (INDEC) on 2 May.